Ireland Moves to Implement Urgent Crypto Regulations

Ireland is poised to formulate new cryptocurrency regulations as it anticipates upcoming European Union mandates on anti-money laundering and counter-terrorism financing.

Finance Minister Jack Chambers revealed that the country aims to implement these updates before the EU’s new laws come into effect on December 30.

Details regarding the specific content or timing of the legislation have not been disclosed. The EU’s forthcoming legislation will enhance the authority of financial intelligence units, permitting them to suspend transactions and enforce tighter reporting protocols for crypto exchanges.

Additionally, it will set a cap of €10,000 ($10,850) on cash payments and introduce more stringent oversight on significant transactions.

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This regulatory framework aims to address risks associated with crypto assets and crowdfunding while complementing existing regulations like the Markets in Crypto-Assets Regulation (MiCA). Derville Rowland, deputy governor of the Central Bank of Ireland, previously indicated that robust crypto regulations are crucial for Europe to maintain its leadership in technological innovation.

As of July, the Central Bank had granted licenses to 15 virtual asset service providers, including notable firms such as Gemini, Ripple, and Coinbase, which is taking steps to eliminate non-compliant stablecoins from its European operations.

Alexander Stefanov